Tel Aviv, Israel, July 14, 2023, Chainwire
Spacemesh is proud to announce today that, after a five-year effort, it will finally go live with Network Genesis on July 14th at 08.00 UTC.
SpaceMesh has chosen July 14th as the date of issue of the People’s Coin to commemorate the storming of the Bastille. The goal is to establish a cryptocurrency with widespread adoption, especially among younger generations and disadvantaged groups who are currently unable to participate in the cryptocurrency revolution due to insurmountable barriers to entry.
Space Mesh, People’s Coin is Born Today
Spacemesh’s team of cryptographers is led by a professor. Tal Moranhas spent more than five years building from the ground up a radically new way of achieving consensus in a permissionless environment.
- Instead of the commonly used PoW or PoStake, Spacemesh uses PoST (Proof of Space-Time).
- Spacemesh uses a DAG (Directed Acyclic Graph), aka “mesh”, rather than a chain topology (i.e. blockchain).
- Furthermore, rather than the winner-take-all lottery paradigm used by all Nakamoto-based consensus protocols (“competitive mining”), Spacemesh uses lottery-free, non-competitive “leaderless” voting (“co-mining”). Use the.
- Finally, Spacemesh miners continuously reuse the original proofs rather than generating new proofs for every energy-intensive challenge, resulting in extremely low energy usage and improved miner efficiency. Ongoing operating costs are almost zero.
The Spacemesh protocol ensures fairness for small home miners by rewarding them based on their storage commitment size during each epoch that occurs approximately every two weeks. This prevents powerful miners, including hostile miners, from receiving a disproportionate share of rewards. Spacemesh also has a significantly lower barrier to entry compared to other permissionless cryptocurrencies. All you need to become a miner (smesher) is a PC with available storage space, a GPU with OpenCL support, and a reliable internet connection. No special mining equipment is required and low ongoing power usage keeps your electricity bills to a minimum. Plus, no deposits, bank accounts, or credit cards are required.
The combination of low barriers to entry, low operating costs and compatibility of incentives establishes a new guarantee of equitable distribution.
When miners commit the minimum required storage and join the network, they become active participants and receive fair rewards during each epoch. This share is considered sufficient to cover electricity bills and hardware replacement costs. A low marginal cost for home users, coupled with a lack of competition-based rewards, encourages smaller miners to join the network. This creates a diverse ecosystem where even small participants can actively contribute without setting a price.
All miners are guaranteed to consistently and predictably receive fair rewards regardless of the number of other participants in the network. No more racing for big prizes or relying on lottery luck.
“To maximize its transformative potential, cryptocurrencies cannot be introduced as stocks, for example as gambling funds that you do not own, or as a hobby only for the elite. We will inevitably have to offer these users more favorable terms: use the PCs you already own and the know-how you already have, always without any other out-of-pocket No. It’s the only way we can think of to make a currency more widely available that affects the people who need it most,” SpaceMesh co-founder and CEO Tomer Afek explains.
“As People’s Coin, everything we do, everything we write, the code and apps we ship, is understandable, accessible, readable, and usable by the general public. It must be our design, UX, engineering, economic‘ he added.
The Spacemesh team is dedicated to breaking down the barriers that prevent more people from benefiting from cryptocurrencies. We are committed to continuously lowering the barriers to entry so that a more diverse demographic can participate in the cryptocurrency revolution. Our goal is to foster local, national and global cooperation to build a more equitable world. We believe that by making cryptocurrencies accessible to all, we can contribute to a fairer and more inclusive future for all.
About space mesh
Spacemesh has raised $23 million from leading crypto investors including Polychain, Paradigm, Dragonfly, Electric Capital, Greenfield, Arrington XRP Capital and 1KX.